Friday, November 6th, 2009
Live Nation-Ticketmaster vote set for Jan. 8, past the expected closure
LOS ANGELES - In a tacit acknowledgment of a delay in their plan to combine, Live Nation Inc. and Ticketmaster Entertainment Inc. said in filings Friday that a shareholders meeting to approve the deal is set for Jan. 8.
The companies had previously said they expected to complete the deal by the end of the year. Regulatory authorities have been closely scrutinizing the plan, however, potentially delaying it.
Last month, the U.K. Competition Commission came out against the deal, saying the combination could inhibit the entry of a major new competitor, CTS Eventim, in the U.K. ticketing market.
The British regulators had initially said they would wait until Nov. 24 to determine what actions to take, but on Thursday extended the deadline for a final report to Jan. 19.
The U.S. Department of Justice has not yet given its opinion on the plan, which would bring together the world's largest concert promoter with its most dominant ticket-seller by volume.
